Everyday millions, if not billions, of transactions flow through the financial system. At the same time the consumer and commercial demand for instant payments is increasing, shrinking the transaction processing window.
In the last few years, financial services providers and Regulatory Technology (RegTech) firms have talked a great deal about the deployment of new data-driven technologies, usually with a focus on automation and supervised machine learning to core compliance tasks such as sanctions screening and transaction monitoring.
The problem of fragmentation affects the world of FinCrime in many ways. Within compliance and risk management functions, the past isolation of AML, fraud and sanctions teams has led to key risks falling between the institutional gaps – a problem exacerbated when the teams use different platforms and data streams.
Critics often complain that the compliance profession is something of a closed-shop for white, middle-class men who have worked for decades in the financial services sector, and dominate the top tiers of senior management in the field.
John Scanlon has been leading the charge to tackle wildlife trafficking and in June he will talk about the issue at FinCrime World Forum. Here, he explains how he is campaigning for a change to a key United Nations Protocol and how the Covid-19 pandemic has shone a spotlight on the issue
How we define, measure and ultimately improve effectiveness is becoming a major topic in the world of financial crime. Ahead of her appearance at FinCrime World Forum, Gemma Rogers argues for a change in thinking in the sector.